HVDC Converters Market size is anticipated to cross USD 17 billion by 2032, according to the latest research report by Global Market Insights Inc.
The increasing investment in electric infrastructure will drive the demand for HVDC converter systems. Over recent years, utilities have been planning significant upgrades to electric grids, spending extensively on transmission line modernization and electrification to make a transition to renewable energy. The installation of high-tension power transmission lines has also surged worldwide. These factors, alongside the strong focus on the replacement and refurbishment of the aging grid networks, are set to fuel the usage of these converters to transmit electrical energy.
Increased spending on reliable clean energy to augment use of ≥500 MW - 1,000 MW HVDC converters
The ≥ 500 MW - 1,000 MW HVDC converters market accounted for 68% share in 2022. The requirement for transmission lines with high current carrying capacity for utility-centered networks and large industrial development is a factor bolstering product usage. The need to expand electric transmission systems by nearly double has increased, especially in the U.S. Furthermore, the investment in clean and reliable energy sources and the strong demand for reliable power in mining and other industrial processes will boost the installation of HVDC converters by 2032.
HVDC bipolar configuration will gain traction due to high energy transmission & other advantages
The industry size from the bipolar segment is poised to register 14% CAGR during 2023-2032. This growth can be credited to the product’s capability to transmit a large among of electric energy, among other product characteristics. Favorable government initiatives and policies have been introduced, enabling bipolar transmission to emerge as an attractive option for utilities. Since bipolar conductors must be insulated for a full voltage, power transmission line cost is, however, higher than monopole counterparts, limiting product adoption to some extent.
Browse key industry insights spread across 230 pages with 422 market data tables & 17 figures & charts from the report. “HVDC Converters Market Size By Power Rating (< 500 MW, ≥ 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW), By Configuration (Monopolar, Bipolar, Back to Back), By Converter (LCC, VSC) & Forecast, 2023 - 2032” in detail along with the table of contents:
Rapid industrialization to create lucrative prospects for HVDC converter manufacturers in APAC
The Asia Pacific HVDC converters market is estimated to amass USD 6 billion by 2032, owing to the strong demand for grid connections in remote areas. With rapid industrialization and population, there has also been an exponential increase in electricity consumption. Such factors have influenced utilities to expand their existing power capacity. In addition, the rising concern about continuous power supply will accelerate the development of HVDC transmission systems and regulate the regional industry outlook during 2023-2032.
Business collaboration initiatives by major players will define the industry landscape
Some of the major players in the global HVDC converters market include CG Power & Industrial Solutions Ltd., General Electric, Hitachi, Ltd., Bharat Heavy Electricals Limited (BHEL), ABB, Toshiba Corporation, and Siemens Energy, among others. These companies are incorporating business expansions and other strategies to boost their presence and increase their customers in the industry.
To cite an instance, in September 2022, Grid Solutions, a General Electric Renewable Energy business, entered an agreement to deliver Static Synchronous Compensators to Elia Group, a German-based transmission system operator. This system was designed to aid the supply of ±300 Mvar at the 50Hertz Transmission GmbH substation of Elia Group in Bad Lauchstädt. This initiative will enable the company to assist in renewable power transmission and establish a strong footprint in the HVDC converters market worldwide.
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